Inside Money Today

1. Offer stock options

Most talented people won’t accept stock options alone as payment unless they truly believe in your idea. The big bonus is that once they are on board, such team members will work harder than your average employee because their success is tied to the company’s success.

2. Employ interns

If you have great work to offer and time to mentor and guide another, hiring interns is an alternative to paid team members. A fair number of interns are willing to work for free as long as your work will help to boost their resume and advance their future career. Instead of investing money in these interns, you will be investing your time and energy into making the work interesting and helping them to grow.

3. Hire contractors, part-time employees or students

Contractors are great because you can decide how long the working relationship will last, and you can structure this according to your budget, your needs and your satisfaction with their work results. You also don’t have to worry about paid leave and other common benefits that permanent employees receive such as medical insurance.

4. Defer compensation

Deferring compensation can be tricky as you have to be careful with the wording in your offer letter and ensure that you are not breaching any laws.This is where you negotiate with a potential team member to defer compensation until certain milestones or results are achieved.

5. Exchange services

At networking events, look for someone with skills that you need who has similar work values to you. If they also appreciate what you have to offer, you can form an informal or formal agreement to exchange services without fees.

6. Recruit close friends and family

Sometimes, when you have no choice, you will have to seek out help from family and close friends. These people normally want to help you succeed and may be willing to donate their time and energy to help you get your business off the ground.

7. Inspire others to join you

If you don’t have money, then at the very least, you must have a compelling vision that will inspire and motivate others to join your cause and support you. Your aim is to build a loyal following who believe in your vision.